Issue 66 of Businesslife is now available online.
The recent attack by cyber criminals on foreign exchange firm Travelex served as a stark reminder of the risks organisations face from data breaches and digital disruption. The attack led to the firm’s employees having to return to pen-and-paper transactions amid a complete digital lockdown as hackers held the company to ransom.
Travelex is one of a number of high-profile organisations to be hit by such attacks in recent years. In the latest issue of Businesslife, we explore the impact these attacks can have, not only on companies’ profits, but also on their reputations and their relationships with regulators.
Jon Watkins, incoming Editor-in-Chief of Businesslife, says: “Some organisations struggle to ever fully repair the damage that cyberattacks and data breaches can have on their reputations, so this is a huge issue, especially for the financial sector. As our article sets out, there’s a real need for organisations to have sufficient digital expertise on their boards, to ensure they have a full and robust understanding of the threat they face.”
Transparency versus privacy
In this issue, we explore another topic with potential ramifications for the reputation of Channel Islands firms – that of transparency and privacy. A greater push for transparency in offshore structures is a good thing for blue-ribbon jurisdictions such as Jersey and Guernsey, but its contradiction with privacy laws will need to be ironed out to ensure the right balance is struck.
Setting the Standard
In our lead interview for this issue, we speak to Henry Baye, CEO of Standard Chartered’s Jersey operation, about his priorities for his first CEO role within the bank.
He tells us how he is gearing up to help the Channel Islands operation embrace digital innovation and capitalise on the African market opportunity. He says: “Africa has leapfrogged many regions when it comes to providing financial services in digital environments. Today, there’s quite a lot of work we need to do in Jersey on our digital proposition and I’m at the forefront of trying to leverage my experience to make that happen.”
Also in this issue…
• The challenges and opportunities expected in 2020
• The spread of ‘Japanisation’ around the world
• Why international investors are ramping up their exposure to China
• Governance risks in family offices
• The rise of augmented and virtual reality
• How training is changing in the digital world
• How to build brilliant teams
Click here to view our February/March 2020 edition online.
The physical version of the magazine will be available from its usual distribution points shortly.